Production Functions And Returns To Scale Jamb Economics Past Questions
Question 1
The point x inside the ppc indicate?
- A. resources are fully utilized
- B. the country is poor
- C. some resources are idle
- D. resources are not available
Question 2
From the table above, the average product of the 3rd unit of labour is
- A. 50
- B. 70
- C. 350
- D. 150
Question 3
As indifference curve shows equal level of satisfaction at all points, An isoquant shows equal level of_________
- A. Input
- B. Commodities
- C. Output
- D. Factors
Question 4
Average fixed cost is
- A. Average total cost less the sum of average variable cost
- B. Half the sum of all costs
- C. Total fixed cost divided by the level of output
- D. Total fixed cost plus marginal cost
Question 5
How can a firm benefit from external economies?
- A. Increasing its expenditure on advertising
- B. Increasing the workforce
- C. Locating in an area in which the industry is already established
- D. Merging with another domestic firm engaged in the same industry
